HMEF.L vs. HMAF.L

Last updated Jun 5, 2026

HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) and HMAF.L (HSBC MSCI AC Far East ex Japan UCITS ETF USD) are both exchange-traded funds - HMEF.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while HMAF.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 10 years, HMEF.L returned 8.47%/yr vs 12.09%/yr for HMAF.L. With a 0.95 correlation, they move nearly in lockstep. HMEF.L charges 0.15%/yr vs 0.45%/yr for HMAF.L.

Performance

HMEF.L vs. HMAF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) and HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HMEF.L is traded in GBp, while HMAF.L is traded in GBP. To make them comparable, the HMAF.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMEF.L achieves a 25.52% return, which is significantly lower than HMAF.L's 36.25% return. Over the past 10 years, HMEF.L has underperformed HMAF.L with an annualized return of 8.47%, while HMAF.L has yielded a comparatively higher 12.09% annualized return.

HMEF.L

• 1D: -1.66%
• 1M: 6.53%
• YTD: 25.52%
• 6M: 27.29%
• 1Y: 51.20%
• 3Y*: 17.76%
• 5Y*: 5.72%
• 10Y*: 8.47%

HMAF.L

• 1D: -2.32%
• 1M: 8.81%
• YTD: 36.25%
• 6M: 39.16%
• 1Y: 73.09%
• 3Y*: 25.41%
• 5Y*: 9.34%
• 10Y*: 12.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HMEF.L vs. HMAF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	25.52%	21.88%	6.43%	-0.16%	-12.59%	-4.10%	12.68%	10.34%	-11.43%	23.56%
HMAF.L HSBC MSCI AC Far East ex Japan UCITS ETF USD	36.25%	31.76%	13.79%	-3.80%	-12.60%	-7.57%	21.71%	13.88%	-10.05%	29.41%

Correlation

The correlation between HMEF.L and HMAF.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 30, 2013	0.95

The correlation between HMEF.L and HMAF.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

HMEF.L vs. HMAF.L - Sectors Allocation Comparison

Sectors	HMEF.L	HMAF.L
Technology	42.9%	51.5%
Financial Services	17.8%	14.9%
Consumer Cyclical	8.7%	9.3%
Industrials	6.8%	7.3%
Communication Services	6.2%	6.5%
Basic Materials	5.9%	2.4%
Energy	3.5%	1.4%
Consumer Defensive	2.7%	1.6%
Healthcare	2.6%	2.2%
Utilities	1.9%	1.3%
Real Estate	1.0%	1.6%

Return for Risk

HMEF.L vs. HMAF.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMEF.L

HMEF.L Risk / Return Rank: 86
HMEF.L Sharpe Ratio Rank: 89
HMEF.L Sortino Ratio Rank: 87
HMEF.L Omega Ratio Rank: 89
HMEF.L Calmar Ratio Rank: 85
HMEF.L Martin Ratio Rank: 81

HMAF.L

HMAF.L Risk / Return Rank: 94
HMAF.L Sharpe Ratio Rank: 95
HMAF.L Sortino Ratio Rank: 94
HMAF.L Omega Ratio Rank: 94
HMAF.L Calmar Ratio Rank: 94
HMAF.L Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HMEF.L vs. HMAF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) and HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HMEF.L	HMAF.L	Difference
Sharpe ratio: Return per unit of total volatility	2.99	3.84	-0.85
Sortino ratio: Return per unit of downside risk	3.88	4.74	-0.86
Omega ratio: Gain probability vs. loss probability	1.55	1.67	-0.12
Calmar ratio: Return relative to maximum drawdown	4.60	6.85	-2.25
Martin ratio: Return relative to average drawdown	15.90	22.75	-6.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMEF.L vs. HMAF.L - Sharpe Ratio Comparison

The current HMEF.L Sharpe Ratio is 2.99, which is comparable to the HMAF.L Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of HMEF.L and HMAF.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HMEF.L	HMAF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	3.84	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.49	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.64	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.54	-0.27

Drawdowns

HMEF.L vs. HMAF.L - Drawdown Comparison

The maximum HMEF.L drawdown since its inception was -32.91%, smaller than the maximum HMAF.L drawdown of -39.58%. Use the drawdown chart below to compare losses from any high point for HMEF.L and HMAF.L.

Drawdown Indicators

	HMEF.L	HMAF.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.91%	-39.58%	+6.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-10.62%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-15.40%	-19.52%	+4.12%
Max Drawdown (5Y) Largest decline over 5 years	-26.99%	-34.30%	+7.31%
Max Drawdown (10Y) Largest decline over 10 years	-30.58%	-39.58%	+9.00%
Current Drawdown Current decline from peak	-2.56%	-3.05%	+0.49%
Average Drawdown Average peak-to-trough decline	-12.28%	-12.55%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.20%	+0.01%

Volatility

HMEF.L vs. HMAF.L - Volatility Comparison

The current volatility for HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) is 7.42%, while HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L) has a volatility of 8.65%. This indicates that HMEF.L experiences smaller price fluctuations and is considered to be less risky than HMAF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMEF.L	HMAF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.42%	8.65%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	14.61%	15.96%	-1.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	18.95%	-1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	19.03%	-2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	18.99%	-1.07%

HMEF.L vs. HMAF.L - Expense Ratio Comparison

HMEF.L has a 0.15% expense ratio, which is lower than HMAF.L's 0.45% expense ratio.

Dividends

HMEF.L vs. HMAF.L - Dividend Comparison

HMEF.L's dividend yield for the trailing twelve months is around 0.02%, while HMAF.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMAF.L HSBC MSCI AC Far East ex Japan UCITS ETF USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.59%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%

Frequently Asked Questions

Can I hold both HMEF.L and HMAF.L in my portfolio?

With a correlation of 0.95, HMEF.L and HMAF.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HMEF.L or HMAF.L?

On fees, HMEF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMEF.L or HMAF.L?

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.45% for HMAF.L.

What is the main difference between HMEF.L and HMAF.L?

HMEF.L is categorized as Emerging Markets Equities, while HMAF.L is Asia Pacific Equities. HMEF.L tracks MSCI EM NR USD, while HMAF.L tracks MSCI AC Asia Ex Japan NR USD. Their fees differ too: 0.15% for HMEF.L and 0.45% for HMAF.L.